Bailout Passes
No big surprise there – everyone figured the House would pass it – but I’m a bit surprised at how many traitors switcheroos there were. I’m waiting for the roll to be published to see if my Congressman was one of them…
Looks like the ‘yes’ vote will run around 263, as opposed to the 205 of Monday.
And what did I say about that ‘rally’? Dow up only 175 102 at this point.
Update: Mish’s comments at his site:
This is a sad day for America.
President Bush was personally lobbying scores of representatives today and under pressure of economic mushroom cloud talk, those representatives simply caved in.
$700 Billion was just wasted and it will not create a single job, or address any of the structural issues facing the economy.
I will have additional thoughts later.
So far it is a “sell the news” event.Thanks to everyone who helped try to do the right thing and get this killed.
Update II: Here’s a link to the vote tally. Note that a majority of Republicans (91-108) still voted against the bill, although those numbers were 65-133 on Monday. I’m sure the administration is pleased to see that it has Congress’ support… yeesh.
Oh, and FYI – my Congressman did not change his ‘no’ vote. Good for him.
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30 points. The DOW is up a whole 30 points. Be still my beating heart. I can’t recall the last time I’ve seen such a rally.
Comment by Maria — 10/3/2008 @ 12:46 pm
The market has started to go back up. There is no way the PPT boys are going to let the market go down today. They saved the world and the world must show it’s gratitude.
Comment by John — 10/3/2008 @ 2:10 pm
Well, after being up 313, finishing flat is hardly a victory. Russell 2000 still down 0.8%, NYSE A/D line flat, Nasdaq A/D at minus-17 percent.
Comment by BMB — 10/3/2008 @ 2:14 pm
The market is having seizures. They can put a blanket over it, but no one really thinks the patient is healthy. Plus the seizures keep knocking the blanket off onto the floor.
Comment by Maria — 10/3/2008 @ 2:14 pm
I will be really amazed if they don’t get green by the close. However the gang may be getting the rules ready for the great looting and since they got the key to the mint why worry about the small potatoes.
Comment by John — 10/3/2008 @ 2:28 pm
You can’t get a short squeeze going when you’ve banned them from the market. We got the ‘bailout rally’ two weeks ago when the news got out, with the short-selling ban on top of it.
The market is now left completely on its own. And there isn’t anything there.
Comment by BMB — 10/3/2008 @ 2:42 pm
Just a breath taking rally.
Comment by Maria — 10/3/2008 @ 2:45 pm
Looks like those politicians might have ’scared’ people just a little too much.
Comment by BMB — 10/3/2008 @ 2:51 pm